{
  "docId": "019dd923-622c-750b-8b99-8e3ed32b40dc",
  "docSlug": "5a3c61f9c8f5",
  "documentTitle": "Zebra Technologies Corp. (ZBRA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-08-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 39,
  "pageCount": 109,
  "prevPage": 38,
  "nextPage": 40,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "Uses direct quotes from earnings calls and 10-Q filings to contrast management's narrative with financial results.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8e3ed32b40dc/39",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc#slide-39",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.98,
        "x": 0.01,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Spruce Point believes there is additional indicators that Zebra's RFID business has pressures. A year ago, Zebra cited RFID strength and leadership but moved the product to the AIT segment. Zebra now says sales declined \"from cycling large opportunities a year ago\". Zebra recorded inventory-related charges in the AIT segment which could be RFID products.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5872d24f-de17-43fc-8f1f-4f4366ac08f0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point believes there is additional indicators that Zebra's RFID business has pressures.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a320-2a3614ab94cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "AIT Organic Net sales: -14.4%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a320-3233bd6a4744",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "I'd say, RFID challenging kind of second quarter on compares from cycling large opportunities a year ago. — Zebra Q2 2024 Conf. Call",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a320-2dfa1713bb39",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.01,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Q2'23 vs. Q2'24 10-Q filings; Q2'23 Conference Call.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8c86a51-be6a-4978-8631-d4823ed529b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.98,
        "x": 0.01,
        "y": 0.3
      },
      "kind": "table",
      "text": "AIT Segment Reporting table comparing Q2 2023 and Q2 2024 statements.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "58440f07-37db-41e2-b93e-01c60121d4e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "In Q2'24, Zebra Reported Inventory-Related Charges In The AIT Segment Where RFID Was Moved",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "833b0cc4-24d3-46de-81c4-b4768ee449e1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "c884b792-c6fd-46c8-ade9-8ed050c30856",
      "evidence": "Contrasting Q2 2023 management optimism with Q2 2024 financial results.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 109,
      "from": 8,
      "beatId": "4cbc18df-e399-4c42-aa2d-07d690208cbf",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradictions",
      "beatSlug": null,
      "evidence": "The document is filled with slides exposing contradictions in Zebra's statements, financial reports, and business practices.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 105,
      "from": 23,
      "beatId": "f95882a7-a8c3-4a10-af43-4f165fbd4b19",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Preempt Rebuttals",
      "beatSlug": null,
      "evidence": "The document anticipates and counters potential rebuttals to its thesis.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 49,
      "from": 10,
      "beatId": "b2ddfff6-f4be-461d-bbff-60b1d6e65291",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Thesis Headlines",
      "beatSlug": null,
      "evidence": "The document presents key headlines supporting the short-selling thesis.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 109,
      "from": 5,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "87880212-cbbe-4e05-9d94-1053e50417ab",
      "evidence": "The document presents a series of logical arguments and evidence to support its thesis.",
      "position": 0,
      "objective": "To present a logical chain of evidence supporting the short-selling thesis",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.8,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}